I have been posting a lot about tops this last week or so. The percentage of the drop today is not massive, but it was enough to break below the regression channel. This was not a test from what I can tell. This is the clear sign a correction is in progress. This looks like it would be a Wave A and we could see a bounce tomorrow for wave B. No matter what, this looks like it will change the slope of the rally to be flatter or could be the sign of large correction.
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Quick rebound back to the bottom of the channel. Lets see where it goes from here.
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Good rally today got us back up and into the channel, but then dropped in the afternoon to close below.
channels
wedge patterns
fib levels
channel + fib
wedge + fib
all (if you can read it)